PE fund briefs, week of Oct. 29, 2007

Mid Europa closes fund III

Mid Europa Partners has announced the final close of its third fund, Mid Europa Fund III, with commitments of more than $2.1 billion, making it the largest buyout fund in the region to date.

the firm secured commitments from more than 60 limited partners, including AGF Private Equity, Alpinvest, ATP Private Equity Partners, Auda Private Equity, AXA Private Equity, Caisse des Depots et Consignations, CAM Private Equity, Citigroup, European Investment Bank, GIC of Singapore, Goldman Sachs and HarbourVest, among others.

About 50% of the fund came from European investors, 36% from and North American LPs and the 14% balance dame from the Asia Pacific and Middle East regions.

Managing Partner Thierry Baudon says that fund II—which raised $785 million in 2005—is 80% invested.

Blackstone to raise fund, or funds

The Blackstone Group is gearing up to raise its sixth private equity fund, just two months after closing its fifth such vehicle with a record-breaking $21.7 billion in commitments.

The new fund was expected. But Blackstone may abandon its traditional strategy of raising a giant global fund, and instead raise a smaller core fund supplemented by a series of specialized funds. For example, LPs could receive documents for Blackstone Capital Partners VI, Blackstone Asia and Blackstone Europe, among others.

LBO Wire says that information is inaccurate. But a source tells PE Week that no final decision has yet been made. Also, don’t expect the recent credit crunch to lower Blackstone’s capital ambitions. The total fund-raising will likely rival the $21.7 billion, if not surpass it.